Calling it the most powerful 4-inch phone ever, Apple on Monday officially announced the iPhone SE, a refresh for its smallest form factor, giving it the latest-generation 64-bit A9 processor and 12-megapixel iSight camera.

The iPhone SE features the same matte chamfered edges found on the iPhone 5s. But inside it’s been vastly upgraded, including all of the camera improvements already found in the iPhone 6s, such as Focus Pixels, True Tone flash, and panorama capabilities up to 63 megapixels.

The real star of the show, though, is the A9 processor, which doubles the performance of the A7 chip found in the iPhone 5s. It also allows for longer battery life and always-listening “Hey Siri” functionality.

The iPhone SE also includes support for Apple Pay, with a dedicated NFC chip and integrated Touch ID home button.

The iPhone SE will cost just $399 for 16 gigabytes, making it the cheapest new iPhone Apple has sold. a 64-gigabyte model will run $499.

Preorders will start this Thursday, March 24, and it will launch the next week on March 31. It will be in more than 100 countries by the end of May, and comes in a new rose gold color, matching the rest of Apple’s lineup.

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